Retail Market Overview Baton Rouge. April, Presented by: Dottie Tarleton, CCIM, Stirling Properties Tom W. Cook, MAI and Sean McDonald

Transcription

1 2007 Baton Rouge Retail Market Overview Presented by: Dottie Tarleton, CCIM, Stirling Properties Tom W. Cook, MAI and Sean McDonald Cook, Moore, and Associates April, 2007

2 2007 Shopping Center Survey Total Area Surveyed: 7,220,432 SF Number of Centers: 92 Centers General Trends Average rent $14.25 PSF. $.15 PSF increase over Overall vacancy rate 9.53% down 2.75% from 2005 thru % of centers report less than 10% vacancy Centers with 250,000+ SF continue to yield higher average rents than smaller centers

3 East Baton Rouge Building Permits by Dollar Amount

4 Recent Shopping Center Sales

5 Recent Land Sales

6 Ongoing Trends Lifestyle Centers According to ICSC a lifestyle center must include the following attributes: A location near affluent residential neighorhoods; An upscale orientation 150,000 SF 500,000 SF of GLA And at least 50,000 SF of national specialty chain stores About one half have residential, in the form of condos or hotels, one or more department stores and a theme attraction.

7 Town Center Jefferson Corporate Blvd. 440,000 SF Anchor Whole Foods Specialty retailers include Talbot s, Chico s, Coldwater Creek, The Gap, White House Black Market, Ann Taylor Loft. Books A Million and Banana Republic are under construction Residential component includes Marriot Courtyard, The Reserves at CedarlodgeCondos and Multifamily Office space State Farm Services Omni Bank Restaurants/Food includes Bonefish Grill, Carrabba s Italian Grill, ChamppsAmericana, Fleming s Prime Steakhouse, P.F. Chang s China Bistro

8 Town Center

9 Perkins Rowe Phase I retail (385,000 SF) scheduled to open August ,000 SF of office space, 665 residential units $350,000 million project Urban Village 56 acre site at the corner of Bluebonnet and Perkins Road Mixed use project which features CVS Drugstore, Barnes and Noble, Fresh Markets, Z Galleria, Anthropogies, Orvis, Cinemark Theatres, Guess, BCBG, Texas De Brazil Restaurant, The Grape and others to be announced. Hilton Hotel Phase II Construction to commence 2008 Two hotels 80,000 SF additional retail 150,000 SF general office 120,000 SF medical office Street Improvements Proposed street next to WimbedonSubdivision to run from Perkins Rd. to Picardy.

10 Perkins Rowe

11 Perkins Rowe

12 Perkins Rowe

13 Perkins Rowe

14 Perkins Rowe

15 Perkins Rowe

16 The Boulevard

17 Juban Crossing

18 Juban Crossing

19 R.W. Day Project year time line to complete the project 1100 Acres 150 acres dedicated to a TND 750,000 SF lifestyle center Film Institute will have 20 stages

20 R.W. Day Concept Plan

21 R.W. Day Project

22 Traditional Retail Proposed Victory Development W. Lee AIG Baker -Millerville Under Construction Cabela s Hwy I-10 Gonzales Home Depot Hwy I-10 Gonzales Tanger Outlet Mall Hwy I-10 Gonzales Bass Pro Range Ave. Denham Springs Completed 2007 Projects Stirling Millerville-Target Anchored Center

23 Victory Development W. Lee 563 acres purchased on April 4, 2007 for $20 million Project will include 800,000 SF Shopping Center Large TND is still in the planning stage.

24 Victory Development

25 Victory Development Site Plan

26 Millerville Retail Stirling Millerville 386,441 Square Foot Shopping Center to be completed in 2007 Retailers include: Super Target, Best Buy, Lowe s, Office Depot, PetsMart, Hibbett s, Chic FilA, Chili s and Region s Bank. AIG Baker Proposed Shopping Center at the northwestern intersection. Plans include redesign of the I-12 westbound on-ramp which would eliminate the cloverleaf and create direct access going west.

27 Millerville Retail

28 Highway I-10 Gonzales Tanger Outlet Mall Cabela s Home Depot

29 Highway I-10 Gonzales

30 Highway I-10 Gonzales

31 Range Ave. Denham Springs Bass Pro Shop 150,000 SF store under construction on 24 acre site. Opening is planned for Fall Spring Park Plaza Office Depot and Petco recently added to the tenant mix. 37 Acre proposed retail site, Northwest quadrant IHOP to open April 30

32 Range Ave. Denham Springs

33 Range Ave. Denham Springs

34 Traditional Neighborhood Developments Also known as neotraditional development or urban villages. Continuous fabric of intimately blended land uses, arranged so that travel between them can be made by a variety of methods (walk, bicycle, transit, etc.) in addition to the usual privately operated auto. At the edge of the neighborhood, there are shops and offices of sufficiently varied types to supply the weekly needs of a household.

35 Baton Rouge TNDs (all include a retail component) Under Construction: Willow Grove South (Perkins Rd. east of Bluebonnet Blvd.) Town square with 25,000 SF of office and retail space. Village at Magnolia Square (Lovett Rd. off Sullivan Rd.) 185 Acres 510 Lots 60,000 SF retail 1st residential units available Summer 2008

36 Willow Grove South

37 Village at Magnolia Square Site Plan

38 Village at Magnolia Square Elevations

39 Proposed TNDs Willow Grove North 116 acres next to the Mall of Louisiana Will include condos, office, retail, and hotel space

40 Willow Grove North

41 Longwood Village PUD approved January acre site 2,000 single family home (residential lots available 2008) 1,000 multi-family units 750,000 SF future retail space Morris & Ritchie, Planners from Baltimore

42 Longwood Village

43 Longwood Village

44 Longwood Village Concept Plan

45 Riverview West Baton Rouge TND on Hwy 1, next to Wal- Mart 250 acres 630 lots Mix of residential, commercial, and retail

46 Riverview

47 Americana (420 acre TND - Zachary, LA) Hwy 64 west of Hwy 964 and south of new conference center 400,000 SF commercial retail space 70,000 SF service oriented retail 1,400 single family and multi family homes $250,000 -$1 million Initial 3 year build phase residential units Projected time line to complete the project 13 years

48 Americana

49 Redevelopment Projects Acadian Village Perkins Road 11 acres $20 Million project 30 town homes overlooking a 130,000 SF retail center Scheduled to open late 2008

50 Acadian Village

51 Acadian Village

52 Rebel Shopping Center New Wal-Mart Neighborhood store Center slated for demolition will build new shop space for new and existing tenants

53 New Boxes Under Construction Wal-Mart Neighborhood Markets Old Hammond Hwy. Lee Dr. in old Delchamps Lowe s Gonzales Hwy Airline Hwy. 16 acres -$3.7 million 117,000 SF store

54 Sign Ordinance

55 Sign Ordinance

56 Sign Ordinance

57 Sign Ordinance